China to import record 13m tons of US soybeans
Members of a trade delegation from China, the world’s top soybean importer, signed agreements to buy a record 13.18 million metric tons of the oilseed worth around $5.3 billion from US shippers after annual negotiations.
US industry representatives and members from the Chinese delegation announced the agreements on a conference call after talks in Des Moines, Iowa. US shippers outlined in 24 agreements included Archer-Daniels-Midland Co, Cargill Inc and Louis Dreyfus Group. The cargoes are set for delivery by Aug 31, according to the US Soybean Export Council.
China will import a record 79 million tons from around the world in the year that began Oct 1, the US Department of Agriculture said. The country’s total demand has soared 35-fold since 1997 as the economy boomed. As of Sept 17, US sales to the Asian nation in the 12 months ending Aug 31 were 55 percent behind the pace a year earlier, agency data showed.